Of the several agencies whose joint functioning made possible the Elizaibethan theatre, the most neglected, the least understood, and yet in some respects the most important, is the dramatic company. The history and organization of the playhouses have long since attracted the attention of scholars, and the individual fortune of the playwrights and actors has been studied from many points of view. Research on the dramatic companies, on the other hand, has taken but one direction. Fleay, Maas, and Murray have gone far to establish the chronology of the companies, but their real place in the history of the Elizabethan theatre has not been established. General works on the Elizabethan drama and theatre have failed to give them the attention they deserve, and the general student of the period hardly realizes that upon the companies rested a considerable share of the financial responsibility for the drama and the entire burden of producing it. Nor is it difficult to understand why the dramatic companies have been neglected. Writers upon our period have been content to treat of Elizabethan actors in a manner fitting those of all succeeding periods. The function of the modern actor is to act. The theatrical capitalist and the specialized skill of the producer relieve him of all the financial, and a substantial part of the artistic, responsibility which rested upon Elizabethan actors. If, however, the Elizabethan actor had greater responsibilities, he had also greater opportunities. The Elizabethan drama owes far more than has yet been realized to the fact that many of the playwrights and all of the producing managers were great actors, who knew the audience intimately enough to gauge its capacities, who acknowledged no paymaster or employer but that audience, and whose instincts partook alike of the shrewdness of the successful business man and the daring of the artist. This producing and managerial function of the companies justifies a closer investigation than has yet been made of their place in the theatrical activities of the time and of the business organization which enabled them to hold it.